Despite the market’s plunge, we’ve been having a pretty good run on our recent earnings trades in this space. Why? Because we’re playing puts. Given the string of success with such stocks as General Motors (NYSE:GM), OfficeMax (NYSE:OMX), Ryland Group (NYSE:RYL), and RadioShack (NYSE:RSH), we’re not about to change course now.

Our latest earnings put is on one of the world’s most currently reviled companies – Rupert Murdoch’s very own News Corp. (NASDAQ:NWSA). It doesn’t really matter that NWSA owns such assets as The Wall Street Journal or Fox News or Twentieth-Century Fox. What matters is that the scandals that rocked Great Britain have made the company a target — and that usually doesn’t bode well for a stock’s price.

News Corp. reports earnings after the bell on Wednesday. The company generally beats estimates, although it missed by a penny last quarter. The stock’s historical performance after reporting is mixed.

NWSA’s chart looks a lot like other every other chart – potential support has crumbled amid the market’s descent. For NWSA, the latest line of support to give way was the $15 level. The $14 mark, which provided a floor in January, is up next.

Flying in the face of the company’s tarnished image is a strangely bullish sentiment backdrop. Fifteen of 22 covering analysts rate the stock a buy, with no sells. Short interest is virtually nonexistent and the put/call ratio is toward the lower end of the annual range. It’s hard to see where buyers are going to come from, given this optimism.

This will be NWSA’s first earnings release since the reporting scandal broke. With the market in freefall and optimism high, it’s difficult to envision a bullish scenario for NWSA. Let’s keep our put streak intact by suggesting a purchase of the NWSA September 15 put for around $1.50.

Have a great trading week.